EURUSD: Correction Due, More Upside Expected

Wednesday’s FOMC sent EURUSD higher which is in line with the analysis. My preferred wave count is expecting more upside and the Fibonacci expansion tool gives targets of 1.138 (100%) and 1.161 (161,8%) respectively. The advance from the recent low should unfold in 5 waves and when completed, would end the whole larger correction.

On Friday EURUSD made an almost vertical advance and is right at the 100% Fibonacci expansion level. The strong move in EURUSD barely has any pauses and is due for at least a small correction. Since the move is so strong I am looking for more upside and perhaps the 161,8% Fibonacci expansion level at 1.161 is our next target.